The Greeks of Antiquity recognized certain economic concepts, such as the incentive of self-interest, the gains from trade, the role of interest, and the debasement of currency. Similarly, the Romans integrated the doctrines of prosperity, taxation, contracts, and interest into "Roman law," with the aim of making economics a science of exchange.

The Middle Ages are characterized by evolutionary and revolutionary changes, where religious ideas prevail. Mercantilists emphasize the formation of wealth, while physiocrats consider land to be the most important factor of production and disdain trade.

The publication of Adam Smith's "The Wealth of Nations" was undoubtedly a revolutionary treatise in economic theory, with clear connotations of opulence and well-being.

This economic sun turned into dark obscurity when pessimists Robert Malthus and David Ricardo came onto the scene. The emphasis on pessimism suggests that a morbid future awaits society. The subsistence life and the inflexible wage law may have been their two most important characteristics. Hence the saying of Carlyle: "The respectable professors of the science of evil."

The most controversial writer of his time is Karl Marx. He wrote and published his treatise "Das Kapital" as a polemic against the capitalist system, of which England is the primary example. Carey and Bastiat introduced a note of optimism and List-Sismondi-Say-Senior promoted the idea of making the nation strong and self-sufficient.

The Austrian school of subjective analysis introduced the concepts of utility and final utility, reflecting Jeremy Bentham's idea of fictitious calculation. While Marx and Sismondi referred to the economic cycle, Mitchell provided the analysis for interpreting the economic cycle.

Hobson and Pigou brought welfare economics to the forefront, while Veblen rejected classical and neoclassical economics and emphasized evolutionary change.